Jubilee Metals Group, a diversified metals processing company with operations in Africa, has announced significant progress in its copper expansion strategy in Zambia. The company aims to increase its copper output to 25,000 tonnes per year by developing new projects and enhancing its existing facilities.
Jubilee has secured the rights to process 260 million tonnes of copper-rich waste rock material at the surface, in partnership with the Abu Dhabi-based International Resources Holding RSC Limited (IRH). The company has also acquired a 90% stake in Mopani Copper Mines (MCM) from Glencore, giving it full ownership of the mine. In addition, Jubilee has discovered a new, large-scale one-kilometre-long copper anomaly at its Munkoyo project, which is located within 50 km of its Sable refinery.
The company’s expansion plans are supported by the favorable copper market conditions, as the metal’s price has surged to over $9,000 per tonne on the London Metal Exchange, driven by strong demand from China and the global energy transition. Copper is a key component of electric vehicles, renewable energy systems, and electronic devices, which are expected to grow rapidly in the coming years.
Jubilee’s CEO Leon Coetzer said: “I am very pleased to announce significant progress across our copper portfolio in Zambia including the discovery of a new, large-scale one-kilometre-long copper anomaly at our Munkoyo project. We continue to expand our access to copper resources overlooked by the industry, as a platform from which to expand our copper processing operations.”
The company has completed the manufacturing of a new 50,000 tonnes per month copper processing module in South Africa, which will be installed at its Roan concentrator. The module will enable Roan to process multiple feed sources and increase its production to 13,000 tonnes per year of copper contained in concentrates.
At Sable, Jubilee is designing a new copper concentrate line that will boost its processing capacity to 16,000 tonnes per year of copper contained in cathode and concentrates. The company is also preparing to build an upgrading copper processing module at Munkoyo, where it has the option to acquire the project for up to $1.5 million.
Jubilee is also working with IRH to finalize the details of the waste rock project, which will use the company’s modular copper units to produce around 24,000 tonnes per year of copper at a low cost. The project is expected to be completed by February 29.
Coetzer added: “Jubilee is well on track to achieving its initial target of 25,000 tonnes of copper per annum from the implementation of these projects. In addition, we continue to make good progress on the new waste rock project with our partner IRH and completion is on track for February 29. Our focus remains on commencing the construction of the copper processing modules for this new exciting copper project.”
Jubilee’s expansion strategy in Zambia is in line with the government’s vision to increase the country’s copper production and diversify its economy. Zambia is Africa’s second-largest copper producer, accounting for about 10% of the world’s supply. The government has recently taken steps to improve the mining sector’s governance and fiscal regime, as well as to attract more investment and create more jobs.
Source: Mining Weekly
